Indian rupee weakens against US dollar to 62:05, outlook for Tuesday sees more reverses

Mumbai | Updated: Dec 31 2013, 15:32pm hrs
Indian Rupee is trading with mild losses against US dollar, Euro and British Pound. Against the US dollar, Indian rupee trading 20/25 paise weaker at 62:05/08.

Upmove in the US 10 year yields is hurting the emerging markets (EM) and Asian currencies. However, thin year end liquidity has not allowed for a bigger move in the pair.

In the morning,state run banks were heard to be buying US dollars, probably on behalf of PSU oilers. Tomorrow we can expect Indian rupee in a range between 61:80/85 and 62:15/20 on spot.

By Anindya Banerjee, Senior Manager, Broking-Currency Derivatives, Kotak Securities

(Views expressed here are those of the author)